Does a Pool Increase the Value of Your Home?
Thursday May 28th, 2020Share
This is a question we most frequently get asked, especially when spring or summer rolls around. There is definitely nothing more exciting than having a beautiful pool in your backyard on a hot summer day. However, there are many pros and cons that come with having this luxurious amenity, which can impact the buying or selling process of your home.
- It can add value to your home, if you live in a upscale community
- You can enjoy swimming at your convenience
- Great for hosting parties and get-togethers
- Maintenance & Repairs Costs are high
- Risk & Liability for families with children
- Increased Insurance & Inspection Fees
- Can only utilize for a few months during the summer
- Harder to Market / Sell in particular communities
- Pools take up a great deal of space
So to answer this question there are many factors, such as the community, type of home, the location and price that can determine if a pool adds value to your home.
If you live in a luxury or upscale community with higher priced homes, a pool is a necessary feature that most home owners look for when purchasing. This definitely is a feature that you should consider having when buying or selling your home.
For normal or averaged priced homes, a pool can be a liability and does not increase the value of your home. A pool in this scenario can in fact increase your house tax, maintenance fees, warranty and can be considered a liability for home owners that have younger children. Homes with pools can also expect to sit on the market a little longer compared to ones without, especially during the winter season. However, if you list your home for sale in the summer, your home might fly right off the market!
According to RAHB statistics, over the last year, in Hamilton alone, more houses were sold without a pool compared to homes with an in-ground pool. Whereas in Oakville, on average more homes with a pool were sold!
If you would like more information about a particular home with a pool vs no pool and if it will increase the value of your home, feel free to contact us today! We would be happy to answer any of your questions!
The Nexus Group.